摘要
高新技术产业上市公司经营风险性特征明显,需要提升二级市场流动性以稀释风险。本文考察高新技术产业上市公司资本公积金转增股本的现象,结合高频分笔数据来研究公司股价被"拆低"以后,这类公司股票是否在流动性方面有所变化?结果发现,高新技术产业公司股价"拆低"使得二级市场的流动性得到显著提升;而那些未发生股价"拆低"的配对样本在事件前后,流动性未发生明显差异。最后,通过回归发现流动性增加虽然在一定程度上可以被一些短期指标所解释,但是显著的截距项说明分拆依然会带来流动性的明显提升。流动性提升将扩大高新技术产业上市公司的投资者基础,提升其企业市场价值。
The feature of grade the liquidity of secondary running risk for high technology corporations is obvious, which needs to upmarket to reduce risk. By use of capital reserve capitalization phenomenon in listed companies, this paper studies whether the high technology companies＇ shares change in liquidity after the share price cut down by splitting in combination with high frequency data. It was found that the reduction in share price by splitting makes the liquidity in secondary market upward, but there was no change in those companies that share prices were not cut down by splitting. Lastly, through regression it is reported that al- though some short term indicators can explain increased liquidity to some extent, the significant intercept dem- onstrates spin - off will bring the obvious promotion of liquidity. The increasing of liquidity for high technology corporations will broaden the scope of investment base and upgrade the value of enterprises.
出处
《产经评论》
2012年第3期142-150,共9页
Industrial Economic Review
